Increased costs of goods and services are affecting not only the industrial sector but also the agriculture industry due to supply chain disruption caused by the COVID-19 Pandemic. According to a report by the Food and Agriculture Organization of the United Nations, global food prices have fallen for three months in a row.
Tridge wants to address the issue through its online trade platform, which matches global food buyers and sellers. The platform allows buyers to find food and agriculture items at reasonable prices in more than 150 countries. Vendors can find buyers for their goods at the right times.
A postmoney valuation of $2.7 billion is how much Tridge has secured in a Series D funding round. Tridge has received $111.7 million in financing since it was founded in 2015.
When it raised $60 million in its Series C from Korean venture capital firm Forest Partners, Tridge's post money valuation was $500 million.
Since raising the Series C round, Tridge has generated revenues in its fulfillment service business, which has led to an increase in its valuation. Tridge had less than 10 billion won in sales last year, but now makes between 15 million and 23 million dollars a month.
Buyers can source and get delivery on time with its fulfillment solution. Suppliers in 150 countries can sell their products on Tridge. The company launched a market intelligence service in 2020 that offers food supply chain analysis and market reports of agricultural products and commodities. Approximately 15000 agricultural products are covered by Tridge's data. The company says it has amassed more than one trillion data points. Users can check Tridge's wholesale prices, volume, and market share.
In addition to the U.S., Brazil, Turkey, India, Vietnam, Australia, the Netherlands, and Canada, there are a lot of actual transactions happening on Tridge. Since September last year, the sales have gone up.
Shin was a commodity investor at an investment bank when he was unable to supply 60,000 tons of coal for Korean and Japanese steel companies due to information asymmetry in the commodity market. Shin founded Tridge to address this issue after paying a higher price for coal.
Global supply chain collapse and agflation are some of the problemsridge is trying to solve. We will speed up overseas expansion plans with this investment.
Tridge claims it has more users today than it did a year ago. Farmers to global retailers are some of the customers of the startup.
Demand for platforms like Tridge in the agriculture industry increased as travel and face-to-face meetings were restricted due to the corona virus.
Tridge plans to use the newly secured capital to launch new services, invest in its technology, and further expand its overseas business, according to Shin.
The company has set up offices in 45 countries, including in the US and Europe.
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